Swiss asset manager Unigestion has agreed to take over local private equity firm Akina to create a new firm that will specialise in global small and mid-market private equity entity.
The private equity teams of both the companies will merge as part of the deal and will be headed by Unigestion head of private equity and member of the executive committee Christophe de Dardel.
The combined business will manage $6bn in assets, and will operate under the Unigestion name. It will comprise 54 staff across locations in Geneva, Zurich, London, New York and Singapore.
The private equity investment committees of the companies will have cross-representation following the acquisition, though the investment strategy of existing products will remain unchanged.
Unigestion chairman Bernard Sabrier said: “This is an important strategic milestone in the development of Unigestion’s private equity business. It demonstrates our commitment to continually adapt our business to provide our investors with the best investment opportunities.
“Akina has an exceptionally talented team of specialists with an excellent track record. By combining the two businesses, we are creating a unique proposition with scale in an area of the market that consistently brings value to investors. The transaction almost doubles our assets under management in private equity, adds investment leadership in the European small and mid-cap segment and extends our institutional client base, in particular in the United States.”
The deal, subject to regulatory approvals, will boost Unigestion’s total assets under management to over $23bn.